PAI Partners has entered into exclusive negotiations to acquire Groupe B&B Hotels alongside management from The Carlyle Group and Montefiore Investment. PAI would invest through PAI Europe VI, which closed on €3.3 billion earlier this year. Founded in 1990, B&B operates a network chain of budget hotels across France, Germany, Italy, Spain, Poland, Czech Republic and Morocco. Carlyle had acquired the company from Eurazeo in 2010 for an enterprise value of around €480 million.